It seems like exchanges are currently driving the price of Bitcoin. From what the latest news show on our DC Forecasts Bitcoin news site, Bitcoin remains below the $4,000 mark artificially mainly because of the high trading volume.
In an unregulated environment as the one we are in, regulators are demanding compliance from platforms that facilitate fiat to crypto or crypto to fiat conversions. Exchanges are the ones that follow the laid down rules which can be a problem for crypto hard-liners.
From this, it is clear that the Bitcoin (BTC) buyers are under pressure because of the February 24th sell-off. In the short to medium term, this can be bad news for the ones expecting a bullish market.
So, when the volume indicators point to a bearish market, we must accept that. Even though there is no confirmation and Bitcoin hasn’t stumbled down below the $3,600 mark – and is still active below $4,000 – that can happen anytime soon.
Unless there is a sharp increase in volumes driving prices above $4,500, sellers are in charge. Confirming or invalidating the stand, therefore, is a resumption of activity as volumes swell above 40k.
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